Time is money
You have probably heard the phrase ‘time is money’, however, have you actually analysed your business with this in mind?
How much is your time worth?
This is not necessarily how much you get paid from the business but more what your time is worth to the company. For example, how much does a client pay for an hour of your time?
What is the value that you bring to the business? It then becomes clear that spending time on doing a task that could be outsourced for £20 an hour is wasteful when compared to spending an hour signing up a new client for significantly more money.
Where are you spending your time?
You may think that you are super productive and sure that you are utilising your time to its full advantage. However, it always good to analyse for further efficiencies.
Over the next few weeks log how you spend your time, many free apps can help you do this. You may be surprised by what you discover. Don’t just do it for working hours, monitor your whole day to ensure you are getting the balance right – how many hours are you sleeping, relaxing and also working?
Without the right life balance, you cannot be as efficient in your working life.
Think of time as actual money
Imagine the period 9am – 10am was actually £100 that you had to spend. How much more focused would you be about only doing tasks that either benefited the business in some way or made you more money?
You would probably stop doing all those actions that had little or no value. Start thinking about your personal time as money to help you prioritise your day.
Becoming more efficient
Pinpoint the areas where you are not using the time you have effectively. For example, are you telephoning someone and chatting for 30 minutes when a short email would have resolved the issue? Alternatively, are you wasting time emailing back and forth when a brief conversation would have been more effective? Ensure you are using the correct solution for each task.
Consider the following:
Can the task be eliminated? – If it doesn’t generate income or have another significant benefit, do you really need to be doing it?
Can you automate it? – Technology can help to automate some tasks making it quicker and more efficient to successfully complete. Look at whether automation could help to free up your time to be better used elsewhere.
Can you outsource it? – There are so many opportunities to work with amazing and talented people that can make your working day easier and more productive. Would it be better value for money to outsource tasks to an accountant, web designer, content writer, or virtual assistant?
You can’t do it all
Even business owners are human and unfortunately, have the same amount of time in the day as everyone else. Trying to do it all can often lead to burn out or making mistakes due to being spread too thinly across multiple projects.
Even if you have the time to do everything in your business, it doesn’t necessarily mean you should. We can’t be experts at everything and doing tasks that don’t fall into your wheelhouse could potentially not be a good use of your time.
For example, are you proficient at doing your own accounts or does it take you a lot longer than it would take a finance professional? If the answer is the latter, then it may be better value to outsource those tasks. Especially if you don’t have the specialist knowledge to utilise tax breaks etc. effectively.
Start using your time wisely today and free up space in your life. Whether you use that extra space and time you have created to grow your business or nurture your family, it’s entirely up to you. Both are equally beneficial to your success.
We would love to support you in making your business more efficient. Contact us today for a free chat and find out how we can help you objectively analyse your processes and work with you to create a more profitable enterprise.
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MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, taxation, debt management, savings and investments, lifestyle planning and much more.
Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.